I was once invited to a couples “wedding shower.” But instead of buying dishes and towels, etc., it had a “handyman” theme, and the registry was all about power tools, lawn and garden, home repair stuff. It was pretty cool!
D1 just made an offer on a condo in Manhattan. It was on the market for a long time, 20+ days, haha. She was told there were now offers higher than hers. She came up $35,000 but was apparently still outbid.
She is now frantically looking because her apartment lease needs to be renewed in 3+ months.
Morrismm, I don’t like your post because my son also lives in Manhattan and he hasn’t bought a place. 
Good luck to your daughter.
Florida has some improving local markets. Short sales have all but disappeared in most of Florida. People are still moving to the Sunshine State and growth still seems to be strongest driver of Florida real estate.
Dstark not sure why you do not like my post. Is it because your S has also been out bid or he hasn’t/ cannot tried to buy a place?
Because it is so expensive and it is going to get worse before he buys. Maybe he never buys.
Really…your post was fine, I like your post. I was being silly.
C’mon now, dstark, you know how to use an emoticon. Not everyone around here knows how silly you are.
My avatar is Groucho Marx. 
I know that it is rather unusual that , gulp gulp, my 27 yr D1 is able to afford a place in Manhatten, She can though.
Must admit that opportunities are limited. There are not an abundance of two bedroom, two bath apartment condos in her desired area for $1.2m or below.
I feel your pain, Morrismm. Just finished that roller coaster ride with my son. But not in NY.
Morrismm, your post #728 is awesome!
Financially, I wonder if it would be worth it for someone to buy a place in NYC, if they had to spend over a million for a 2 bed/2bath apt/condo, particularly if they were young. They don’t know absolutely that they are going to stay there. People’s lives can change, they can get job offers elsewhere, and they can just decide they want to live somewhere they like better, or for a significant other. Having an expensive place for a relatively short time can be a serious waste of money. Plus, when you are young, the vision of what you really desire can change.
I wonder how it works out on paper to pay for a mortgage, insurance, HOA fees (which could be ridiculous), and taxes, as opposed to renting. My son rents a really nice 3 bed/2 bath for less than 6K right in downtown Manhattan, with two other guys. He can pick up and leave whenever he wants (with the minor aggravation of getting someone to sublet his place for a bit), and I think it is far cheaper. Though I suppose if he was married, and was dead certain that this was the place he wanted to live FOREVER, it would be worth considering. The tax break is still there (for now), but it really is a commitment.
How do the numbers work? I generally tend towards buying, as opposed to renting, but some of those condo fees can be insane.
I don’t see any 2BR 2BA condos under 1.2M in Manhattan unless it is north of 95th st.
Do you mean coop?
Since your D’s total income comprises of bonuses, she will have to put much more than 20% down.
Where did they find such reasonable rents?
My D and her husband rent a 1BR 1 1/2 BA for $6K. Her husband doesn’t know how long he will stay at his job so they rent. I know it’s nuts to pay so much. They both work hard and like a nice place.
My S bought a 2BR 2BR coop in Greenwhich Village 2 years ago and plans to stay about 8 years. He got married last year and will probably outgrow the space by then.For him, the tax break is minimal. He said he could only deduct 30% of his interests as it gets phased out.
There is a rent vs buy calculator in NY times.
http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?_r=0
Transaction costs in Manhattan are sky high. You need to pay an attorney,escrow fees, mansion tax (over 1M properties), coop board fees etc. When selling, there is a transfer tax on top of everything else.
" Where did they find such reasonable rents?"
It’s an apartment complex on Broadway, about three blocks away from Wall Street. It is very nice, with a great view. They are probably paying less than most 3bed/2bath because they got a 2 bedroom with a large living room, that they sectioned off with a wall to turn into a third bedroom. It works out very nicely for them, and I think they only pay about $5500. Can’t believe your D pays more for a one bedroom. It must be exceptional.
Cbreeze- nope not coops. She has visited several condos in her price range and put a bid in on one, not north of 95th. But she went to her highest price that she felt it was worth and stopped. It appears she was out bid.
Whether she should buy or not is really not up to me. She is an intelligent woman, works in finance so understands finance and has already met with her banker. Clearly she knows about taxes,building fees, etc. She has looked into resale, pied- a.-terre, etc. So it is up to her.
Morrison- good luck to your DD. How cool that she has such an opportunity.
Our son is financially independent but in a whole different (lower) income bracket. He is single.
He has been searching for months for a tiny 2br, 1 bath single family house in expensive northern nj near his workplace. Oh, and “low” property taxes, like 6000/ year. With spring, there are now a few options.
It is insane that such houses in our area run up to $260,000. A generation ago, we paid $92,000 for our 4 br, 2bath home that we raised our family in. He will want to move if a family materializes.
It is interesting watching him learn the process.
Prices and demand are definitely going up here in the southern california desert. We’re planning to build a home this summer and are feeling the competition trying to find a piece of land we like. You’re either looking at something that’s been on the market for 3 years, or something that’s been on the market for 5 days with 4 other parties interested in it… We’re finding that land outside of town is generally cheaper and higher quality (better views), so we’re leaning towards that at the moment.
I expect by next year we can get seven figures for our house.
We might even be able to get it now. Location, location, location.
[Here’s how you sell an 1,100-square-foot Ballard house for $717,000](http://m.bizjournals.com/seattle/blog/2015/04/heres-how-you-sell-an-1-100-squarefoot-ballard.html?ana=fbk&r=full)